Rental properties can provide steady income but as with anything else, there are hidden costs that may derail your profitability. For purposes of this blog, however, we’re concentrating mostly on the people aspect and what you should be aware of.
For starters, make sure the people that you’re collaborating with are individuals that can be trusted. Especially in real estate, relationships are for the long-term. This means you should have a solid relationship with the person acting as your real estate agent, the company responsible for maintenance, and trustworthy legal counsel. Furthermore, your property management should genuinely want to ensure tenants are happy and continuing to pay rent.
Speaking of maintenance, make sure major components like the roof still have a minimum of fifteen years or so of life left in them. That also means that you trust the person(s) responsible for overseeing maintenance.
And in regards to tenants, you may wish to think of them as business partners. As they are the ones largely responsible for cash flow, keeping them happy wouldn’t hurt. That means responding promptly to issues and perhaps even throwing in a gift card. Any previous evictions when screening, for example, should immediately raise a red flag.
This update is by hard money lenders Miami company Monroe Funding Corporation, a direct equity lender serving clients throughout Central and South Florida. We specialize in first mortgages on non-owner occupied residential and commercial property investments as well as real estate loan options. Our fast and flexible loan programs get you to the closing table quickly and professionally. For more information on a hard money lender Orange County or a mortgage broker Orange County, please call 954-816-0388 or fill out our application.